Saturday, September 26, 2020

Seeking a tax haven

 Sir Jim Ratcliffe, the UK’s richest person  with an estimated £17.5bn fortune and high-profile Brexiter, has quit Britain for tax-free Monaco.

It has been estimated that the move will save him £4bn in tax payments.

Before he left for Monaco, Ratcliffe was the UK’s third-highest individual taxpayer, paying £110m to the exchequer in 2017-18.

Ratcliffe, who owns 60% of Ineos, has seen his personal fortune increase from an estimated £9.5bn in January 2019 to £17.5bn today. That estimated wealth has increased by £1.25bn so far this year alone, despite the coronavirus pandemic.

Other rich Britons who have moved to Monaco include the Topshop boss Sir Philip Green and his wife Tina; the property billionaires Simon and David Reuben and John Hargreaves, the founder and chairman of Matalan.

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